[Summary News] Earthquake in Indonesia and Economic Challenges in Europe and Asia > 월드뉴스

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In a series of significant international developments, a Pablo Picasso painting has vanished during transit in Spain, while a magnitude 6.5 earthquake struck Indonesia's Papua province, causing property damage but no casualties. Meanwhile, economic challenges are emerging in Europe with IKEA reporting a decline in sales, and Japan's Liberal Democratic Party is exploring political alliances ahead of a crucial leadership vote. Additionally, China is set to emphasize food security in its upcoming five-year plan amidst a changing geopolitical landscape.

### Picasso Painting Disappears in Transit
Spanish authorities are investigating the mysterious disappearance of Pablo Picasso's "Still Life with Guitar," valued at 600,000 euros ($700,000). The painting was en route from Madrid to Granada for an exhibition organized by the CajaGranada foundation when it vanished. National police have confirmed the investigation but have not disclosed further details due to confidentiality rules. The art world has seen a trend of thefts targeting Picasso's works, with two of his paintings fetching over $140 million at recent auctions. The notorious theft of over 100 of his paintings from the Palais des Papes museum in 1976 remains a significant event in art crime history.

### Earthquake Strikes Papua, Indonesia
A magnitude 6.5 earthquake struck Indonesia's eastern Papua province on Thursday, causing damage to numerous homes and buildings but thankfully resulting in no reported casualties. The earthquake occurred at 2:48 p.m., with its epicenter located approximately 200 kilometers from Jayapura, at a depth of 35 kilometers, according to the United States Geological Survey. Residents in the Sarmi regency experienced the tremor, which lasted about three seconds. Initial assessments indicated that 20 houses were heavily damaged, 30 lightly damaged, and three churches had collapsed walls. A team from Jakarta is being dispatched to assist local authorities in further evaluations.

### IKEA Faces Economic Headwinds
Swedish furniture giant IKEA reported a one-percent drop in sales for its 2024-2025 fiscal year, attributing the decline to price reductions and a tightening consumer market. Sales fell to 44.6 billion euros ($52 billion) despite a three percent increase in customer volume. Inter IKEA Chief Executive Jon Abrahamsson Ring noted that consumer confidence remains at a historically low level, impacting decisions on home renovations and furniture purchases. The company has implemented a 10 percent price reduction over the past two years to stimulate traffic in both online and physical stores.

### Japan's Political Landscape Shifts
In Japan, the weakened Liberal Democratic Party (LDP) is initiating policy discussions with the Japan Innovation Party (JIP) as Sanae Takaichi, the LDP's new leader, seeks to form a coalition ahead of a prime ministerial vote expected next week. Following the recent exit of the LDP's junior coalition partner, Komeito, negotiations with rival parties have intensified. Takaichi's potential rise as Japan's first female premier has sparked optimism in the stock market, with expectations of increased government spending and loose monetary policies. The JIP's co-head expressed a desire to secure favorable policies before finalizing any coalition agreement.

### China's Focus on Food Security
As China prepares its next five-year plan, food security is set to remain a top priority alongside energy and finance. Despite a declining population, the need for secure food supplies has been underscored by geopolitical tensions and climate change impacts. Over the past five years, China has achieved record levels of grain production through significant investments in agricultural technology and farmland protection. Analysts anticipate that the upcoming plan will emphasize the diversification of food sources to enhance national economic resilience.

### Sources
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[3] feed.koreatimes.co.kr - https://www.koreatimes.co.kr/world/20251016/ikea-hit-by-very-low-consumer-confidence?utm_source=rss
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